Bank / Credit Union

EQB acquires President's Choice Bank

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July 2, 2026

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EQB Inc. has acquired President's Choice Bank and related PC Financial entities from Loblaw Companies Ltd., according to a press release.

The deal expands EQB's reach to nearly four million customers and makes it the exclusive financial services partner for Loblaw's PC Optimum loyalty program, which has more than 18 million active members.

Under the agreement, EQB acquired PC Financial at 1.15 times book value. Loblaw received 7.2 million EQB common shares and $234.5 million in cash. PC Bank is now a wholly owned subsidiary of Equitable Bank. EQB's third-quarter results will include one month of earnings from PC Financial.

Following the transaction, Loblaw owns or controls about 8.46 million EQB shares, or 19.89% of outstanding shares, up from 3.46% prior to closing.

Galen G. Weston, chairman and CEO of George Weston Ltd. and chairman of Loblaw, and Richard Dufresne, president and CFO of George Weston Ltd. and CFO of Loblaw have joined EQB's board.

There will be no immediate changes for PC Bank customers, and 180 in-store banking pavilions and more than 600 ATMs at Loblaw locations will continue operating. Integration plans will be announced in the near future.